Metamask: The Complete Guide
Table of Contents
What is Metamask?
Metamask is a browser extension founded by Consensus developer Aaron Davis in 2015. It acts as the bridge between the regular internet and decentralized applications (dApps) built on cryptocurrency blockchains. Metamask enables users to securely interact with dApps without having to provide their private keys, allowing them to buy, sell, or trade crypto assets without sacrificing their personal data.
At the most basic level, Metamask is an Ethereum wallet that stores your ETH and tokens. But Metamask does much more than that. It also provides access to dApps, allowing users to buy, sell, or use any services provided without putting private keys at risk.
By using the browser extension, users can connect their accounts with a secured connection to the Ethereum network via Metamask’s proxy server. Through the browser extension, users can also access decentralized exchanges such as Uniswap and KyberNetwork to exchange crypto assets.
Beyond providing a secure connection for dApp interaction, Metamask is also open source; meaning that anyone can inspect and verify its code to ensure the highest security standards are met. This provides users with the assurance that their funds and data are secure, along with full transparency over every transaction.
Why Use Metamask?
Metamask users can access on-chain applications and enjoy features like decentralized exchange (DEX) gateways and swaps, expanding their investment opportunities. Metamask has a portfolio site that provides comprehensive insights into the performance of users’ assets across networks, making it simple to stay informed and make informed decisions. The analytics engine behind the portfolio site helps in monitoring trends and tracking price movements in real-time, ensuring users get the most out of their coin holdings.
Metamask also offers users the convenience of being able to make Ethereum purchases in a matter of seconds, without having to wait for lengthy bank transfers or expensive and complicated wire transfers. This makes it an invaluable tool for anyone interested in quickly investing in cryptocurrencies without sacrificing security.
Downloading Metamask
Metamask is free and available on most browsers. Downloading Metamask from the official website is a must in order to ensure that you are using a secure and legitimate wallet. To do this, simply head to metamask.io, click on the “Get Chrome Extension” button, and follow the instructions to install it as an extension for Google Chrome.
Once downloaded, you can create a new wallet or import an existing one using the 12 seed words generated when setting up the original account.
If you choose to create a new wallet, make sure to remember your seed phrase as this will be important for recovering your funds should something happen. For maximum security, write down seed words on paper or use an indestructible steel seed card for backup purposes.
Securing your wallet with a strong password is a must for keeping your funds safe. A great way to create a secure password is to make it longer than usual, with more details and facts, as well as higher semantic richness. For more useful info on creating passwords, you can check out our article on security tips (LINK).
Metamask Functionality
After setting up your wallet, you are ready to interact with the Ethereum blockchain and all of its features. You can now easily transfer funds, send and receive tokens, view address history, and more. Metamask also provides its own unique exchange allowing you to swap between various cryptocurrencies without leaving the extension.
Viewing your assets
Accessing Metamask as either a browser window or an extension in the taskbar allows you to view your assets stored and all transactions made within the app’s dashboard interface. On the left side of the window, you will see a list of all the different assets you have stored in your wallet. This includes both ERC-20 tokens, as well as other cryptocurrencies. Clicking on one of the tokens will show you its market cap, price, and all your transactions related to it.
Adding multiple accounts
You can also add multiple Metamask accounts with different names by clicking “Account Details” in the top right corner. To use your wallet and do anything on Metamask, you will need to connect it with an Ethereum network. You can do this by entering the address of the node you would like to use in the “Network” tab at the top right corner.
Sending tokens
Once connected, you are ready to make transactions! To send tokens from Metamask, simply click on “Send”, input the address of the recipient and the amount you want to send. Once ready, click “Send” again to confirm and complete your transaction. You can also use Metamask for various decentralized finance (DeFi) activities like swapping tokens on Uniswap or lending tokens with Compound.
Adding Contacts for Easy Access
For easy access to frequently used addresses, you can add contacts in Metamask. This feature allows you to store the address and name of your contacts so that you don’t have to manually enter it each time when sending tokens. To add a contact, click on the “Contacts” tab on the top right corner, then click “Add Contact”. Input the name and address of the recipient, then click save.
Connecting Metamask with Decentralized Applications (dApps)
Connecting Metamask with decentralized applications (dApps) is an incredibly useful way to access and interact with different blockchain-based services. By connecting a Metamask wallet, users can easily navigate the digital world of blockchain technology without having to worry about managing their own private keys, dealing with complex security protocols, or needing any additional software or hardware.
How to connect Metamask to a dApp
In order to connect Metamask with a dApp, first navigate to the website of the application you wish to use. Once there, you will notice a wallet icon in the top right corner. Click this in order to connect your wallet. This will usually trigger a prompt from Metamask that requires you to confirm the connection to the dApp. Once approved, Metamask will then ask you to enter your wallet password and sign a signature request to finalize the process.
Once Metamask is connected to the desired dApp, users can begin interacting with it and accessing its various services. It’s important to note, however, that you should always make sure that you are connecting to a legitimate dApp by checking the signature request or validating it with a trusted source. Users may also need to authorize certain transactions in order to interact with certain dApps.
Approving a connection
Approving a connection to a dApp can be incredibly risky if done on malicious websites, as users not only run the risk of losing money but also potentially compromising their private information. It is therefore essential that when connecting Metamask to a dApp, you always make sure that you are interacting with the correct site.
After approving the connection, users can easily complete simple swaps using their wallet balance. These swaps are executed in a decentralized manner and involve the exchange of assets between two parties without the need for a third-party intermediary. This process is facilitated by smart contracts, which are computer programs that enforce terms and conditions according to predefined parameters stored on the blockchain.
Token approval checkers
In order to ensure that users are only connecting with legitimate smart contracts, it is important to use token approval checkers such as Etherscan. These services allow users to enter their Ethereum address and see exactly which smart contracts have been authorized, as well as any active approvals that are currently in place. By utilizing a service like this, users can rest assured that their Metamask is only connecting with verified and legitimate contracts, thus providing an extra layer of security for their transactions.
Added Protection
An additional layer of security is available for those who wish to use cold storage for their assets by combining Metamask with a hardware wallet. Cold storage is a process of storing digital assets offline in order to protect them from unauthorized access and is especially useful for those storing high-value digital assets.
Additional Features
Beyond what has already been discussed, Metamask offers a number of additional features:
Connecting to Layer-2 blockchains
Metamask wallet allows users to connect to Layer-2 blockchains with pre-built settings that make it easy even for newbies to get up and running quickly. By using Metamask, users can access decentralized applications (dApps) on their favorite networks such as Ethereum, Binance Smart Chain (BSC), or other supported networks. On top of that, users can enjoy features such as decentralized exchange (DEX) gateways and on-chain swaps.
When using the DEX gateways to buy coins from within Metamask wallet, all you have to do is go to the wallet in question and hit the buy button. Once done, it will pull up the corresponding market information, allowing you to decide on how much and which coins you want to buy. The downside to this is that fees are usually higher than those offered by regular exchanges.
Switching between networks
Metamask also offers the ability to switch between networks and buy crypto through various fiat payment processors and exchange gateways. This facilitates conversion from a users local currency into a variety of cryptocurrencies through a network of payment processors. This is an especially useful feature for those who may not have access to traditional banking services or who prefer to handle their finances online.
On-chain swaps
Metamask provides an on-chain swap feature within the wallet, allowing users to set their own slippage tolerance (i.e. the price difference between their desired order and the actual price at execution). This is a useful tool for those who wish to be in control of their financial investments. The feature helps users ensure that their orders are executed at the desired price.
Portfolio site
The portfolio site of Metamask provides users with a comprehensive overview of the coins in their portfolios across different networks. It allows users to easily track the performance of their investments, as well as giving them access to watch lists, token-staking, and other useful features.
At the heart of the portfolio site is a powerful analytics engine, making it easier for users to make informed decisions regarding their investments and future trading activities. Whether you’re a newbie or a hardened HODLer, the portfolio site of Metamask offers something for everyone.
Dedicated support
Metamask offers dedicated support for free product use, with security questions answered by agents, usually within minutes of contact. This ensures that you can find the help you need quickly and conveniently, with no hassle or long wait times. The customer service team is friendly and knowledgeable about the Metamask wallet and its features, so you can rest assured that all of your queries will be answered in an efficient and satisfactory manner. In fact, they’re almost as fast, friendly and knowledgeable as the support team at Coinmama… but not quite 😜
Final Thoughts
Metamask is a great option for those looking to securely store and trade crypto assets. It offers an array of features that make it easy even for beginners to get started easily. With its pre-built settings, DEX gateways, fiat payment processors, on-chain swap feature and portfolio site analytics engine – all backed by friendly customer support – Metamask has become one of the go-to wallets in the crypto space. So if you’re ready to jump into the world of decentralized applications and token swapping, give Metamask a try!
We hope you enjoyed this Coinmama Academy article! If you have any questions, drop us a line at support@coinmama.com, and don’t forget to follow us on Facebook, Instagram, and Twitter. If you’re ready to start building your own cryptocurrency portfolio, just head to our main website or pick up our free self-custody crypto wallet that lets you store your crypto safely and buy Bitcoin directly in-app.
